UPDATE: The Loan Limit has increased from the initial $750,000 value to $766,550 after the original video was posted!

Exciting developments are on the horizon for prospective homebuyers! As we approach 2024, certain lenders have proactively adopted a new conforming loan limit of $766,550. This is a significant increase from 2023's cap of $726,200. But what does this mean for you?

In essence, you now have the opportunity to obtain a larger loan amount—up to $766,550—to be precise, without venturing into the realm of jumbo loans. It's worth noting that jumbo loans often come with higher interest rates and additional fees. This adjustment amplifies the purchasing power of borrowers, enabling them to explore a wider range of properties.

To put this into perspective, here's how you can leverage the new limit:

• Opting for a USDA Loan? With 0% down, you can now consider a property with a sales price and loan amount as high as $766,550.
• Considering a Conventional Loan? With a down payment of just 5%, you can target homes priced up to $789,000.
• Aiming for a Larger Down Payment? For those planning on a 20% down payment, properties with a maximum sales price of $937,500 are now within reach.

These are just a handful of scenarios that showcase the potential benefits of the updated conforming loan limit. At Chissell Mortgage Group, we're committed to guiding you through these changes and ensuring you make the most of the opportunities they present.

Have any questions about the 2024 conforming loan limit or any other mortgage-related concerns? Don't hesitate to reach out to us here. We're here to assist you every step of the way.

And for first-time homebuyers check out our series "The Mortgage Process".